Apple CEO Tim Cook stepping down, John Ternus to succeed him

Apple chief executive Tim Cook is stepping down and will be replaced by John Ternus, the company's senior vice president of hardware engineering, on September 1. Cook will transition to the role of executive chairman of Apple's board, the company announced. He will remain as CEO through the summer to work with Ternus on the leadership change. Ternus, who has worked at Apple since 2001, will also join the company's board of directors when he becomes CEO. The 50-year-old executive was instrumental in developing products including the iPad and AirPods, and has worked on multiple generations of iPhone, Mac, and Apple Watch hardware. In a separate leadership move, Apple has named Johny Srouji as its chief hardware officer, effective immediately. Srouji will take on an expanded role leading hardware engineering, which Ternus previously oversaw. Cook first joined Apple in 1998 after being hired by Steve Jobs. He took over as CEO in August 2011 following Jobs' departure and subsequent passing two months later. During Cook's tenure, Apple's market capitalization grew from approximately $350 billion to over $4 trillion. The company launched products including the Apple Watch, AirPods, Apple Vision Pro, iCloud, and Apple Pay. Apple says its services business generates more than $100 billion in annual revenue. In a statement, Cook described Ternus as having "the mind of an engineer, the soul of an innovator, and the heart to lead with integrity and with honor." He said Ternus is "without question the right person to lead Apple into the future."